Mitchell Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Mitchell averaged 6.37% for the week of 2024-02-22, compared to the national average of 6.9% for the same period.

The average rate for the prior week (2024-02-15) was 6.54% and one month ago for the week of 2024-01-18, the average rate was 6.17%.

Mitchell's average rate one year ago was 6.32%.

For refis of the same type during the week of 2024-02-22, the average rate was 6.8%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-02-22 6.9%
Mitchell 30 Year Fixed Rate 2024-02-22 6.37%
Mitchell 30 Year Fixed Rate Refi 2024-02-22 6.8%
Mitchell 15 Year Fixed Rate 2024-02-22 6.19%
Mitchell 15 Year Fixed Rate Refi 2024-02-22 6.19%
Mitchell 30 Year FHA 2024-02-22 -0.1%
Mitchell 30 Year FHA Refi 2024-02-22 -0.1%
Mitchell 30 Year USDA 2024-02-22 0%
Mitchell 30 Year USDA Refi 2024-02-22 -0.1%
Mitchell 30 Year VA 2024-02-22 -0.2%
Mitchell 30 Year VA Refi 2024-02-22 0.2%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

Mitchell Top Lenders by Rates & Fees

The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Plains Commerce Bank 48 4.85% $4,520
First Dakota National Bank 37 4.89% $3,260
CORTRUST MORTGAGE, INC. 36 4.95% $4,425
BANKWEST, INC. 20 5.02% $4,102
QUICKEN LOANS, LLC 13 5.61% $6,223
U.S. Bank 9 4.47% $5,479
Wells Fargo Bank 4 3.88% $2,974
LOANDEPOT.COM, LLC 3 5.16% $9,708
First Interstate Bank 3 4.92% $3,513
BLACK HILLS FEDERAL CREDIT UNION 3 3.54% $4,412
Reliabank Dakota 2 3.81% $4,721
First National Bank of Omaha 1 4.00% $3,235
FOUR POINTS 1 3.88% $1,696
FREEDOM MORTGAGE CORPORATION 1 3.88% $2,597
Goldwater Bank, N.A. 1 5.38% $4,602
GUARANTEED RATE, INC. 1 3.75% $4,198
Ixonia Bank 1 5.25% $2,559
Farm Credit Mid-America, ACA 1 5.20% $4,311
Mr. Cooper ( Nationstar Mortgage ) 1 4.50% $7,988
NAVY FEDERAL CREDIT UNION 1 4.00% $1,238
Discover Bank 1 4.99% $0
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.38% $4,618
Dacotah Bank 1 5.50% $5,469
The First National Bank in Sioux Falls 1 4.13% $4,434
The Huntington National Bank 1 2.88% $4,353
BROKER SOLUTIONS, INC. 1 6.13% $3,669
JPMorgan Chase Bank 1 7.75% $980
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.75% $6,700
First International Bank & Trust 1 4.88% $4,165
First National Bank 1 4.75% $3,582

Mitchell Average Closing Costs & Other Stats

Mitchell, SD's 30 lenders originated 497 loans during 2022. The total origination value was $88,545,000, with an average loan value of $178,159.

Mitchell's average closing costs are $4,128.

The top Mitchell lender as defined by loan originations is Plains Commerce Bank, with 48 loans originated. Their average total fees are $4,520, which is $1,260 higher than the next largest lender, First Dakota National Bank.

The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($3,260), BANKWEST, INC. ($4,102), CORTRUST MORTGAGE, INC. ($4,425), Plains Commerce Bank ($4,520) and QUICKEN LOANS, LLC ($6,223).

The lowest rate Mitchell lenders (with over 10 loans originated) are Plains Commerce Bank (4.85%), First Dakota National Bank (4.89%), CORTRUST MORTGAGE, INC. (4.95%), BANKWEST, INC. (5.02%) and QUICKEN LOANS, LLC (5.61%).

Mitchell, SD Mortgage Market Share & Volume

Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

Name 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
Plains Commerce Bank $24,510,000 $22,705,000 -7.4% 25.6%
First Dakota National Bank $16,405,000 $16,565,000 1.0% 18.7%
CORTRUST MORTGAGE, INC. $22,030,000 $11,450,000 -48.0% 12.9%
BANKWEST, INC. $15,025,000 $7,525,000 -49.9% 8.5%
QUICKEN LOANS, LLC $5,995,000 $3,970,000 -33.8% 4.5%
U.S. Bank $6,465,000 $3,740,000 -42.2% 4.2%
CorTrust Bank $415,000 $2,850,000 586.7% 3.2%
Wells Fargo Bank $4,195,000 $1,895,000 -54.8% 2.1%
First National Bank of Omaha $3,230,000 $1,785,000 -44.7% 2.0%
The First National Bank in Sioux Falls $280,000 $1,340,000 378.6% 1.5%
LOANDEPOT.COM, LLC $755,000 $1,085,000 43.7% 1.2%
SERVICE FIRST FEDERAL CREDIT UNION $115,000 $1,045,000 808.7% 1.2%
First International Bank & Trust $865,000 $1,010,000 16.8% 1.1%
Reliabank Dakota $2,095,000 $955,000 -54.4% 1.1%
NAVY FEDERAL CREDIT UNION $205,000 $800,000 290.2% 0.9%
Heritage Bank $785,000 n/a 0.9%
First Interstate Bank $75,000 $760,000 913.3% 0.9%
BLACK HILLS FEDERAL CREDIT UNION $2,045,000 $605,000 -70.4% 0.7%
Mortgage Research Center, LLC $1,495,000 $605,000 -59.5% 0.7%
MUTUAL OF OMAHA MORTGAGE, INC. $85,000 $605,000 611.8% 0.7%
BROKER SOLUTIONS, INC. $365,000 $535,000 46.6% 0.6%
The Federal Savings Bank $505,000 $455,000 -9.9% 0.5%
First Bank & Trust $155,000 $435,000 180.6% 0.5%
First PREMIER Bank $1,690,000 $415,000 -75.4% 0.5%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,250,000 $370,000 -70.4% 0.4%
BankIowa of Cedar Rapids $335,000 n/a 0.4%
Dacotah Bank $315,000 $295,000 -6.3% 0.3%
M&T Bank $295,000 n/a 0.3%
Farm Credit Mid-America, ACA $380,000 $250,000 -34.2% 0.3%
PRIMELENDING, A PLAINSCAPITAL COMPANY $215,000 n/a 0.2%
The Huntington National Bank $215,000 n/a 0.2%
Goldwater Bank, N.A. $205,000 n/a 0.2%
NEWREZ LLC $425,000 $195,000 -54.1% 0.2%
Flanagan State Bank $315,000 $175,000 -44.4% 0.2%
Ixonia Bank $175,000 n/a 0.2%
DAS Acquisition Company, LLC $370,000 $165,000 -55.4% 0.2%
Discover Bank $165,000 n/a 0.2%
Mr. Cooper ( Nationstar Mortgage ) $230,000 $165,000 -28.3% 0.2%
GUARANTEED RATE, INC. $2,530,000 $155,000 -93.9% 0.2%
FOUR POINTS $145,000 n/a 0.2%
Hometown Lenders, Inc. $145,000 n/a 0.2%
JPMorgan Chase Bank $575,000 $145,000 -74.8% 0.2%
PLANET HOME LENDING, LLC $145,000 n/a 0.2%
First National Bank $1,135,000 $135,000 -88.1% 0.2%
PENNYMAC LOAN SERVICES, LLC $610,000 $135,000 -77.9% 0.2%
FREEDOM MORTGAGE CORPORATION $820,000 $125,000 -84.8% 0.1%
SIOUX FALLS $105,000 $125,000 19.0% 0.1%
Deere Employees Credit Union $145,000 $105,000 -27.6% 0.1%
SIOUX EMPIRE $45,000 n/a 0.1%

Mitchell's top lender by overall market share is Plains Commerce Bank, with 25.6% market share. In second place, with 18.7%, is First Dakota National Bank, having originated $16,565,000 in loans. In third place, with 12.9%, is CORTRUST MORTGAGE, INC., having originated $11,450,000 in loans. In fourth place, with 8.5%, is BANKWEST, INC., having originated $7,525,000 in loans. In fifth place, with 4.5%, is QUICKEN LOANS, LLC, having originated $3,970,000 in loans.


Mitchell Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $157,350 (-2.8%) $265,278 (31.8%) 0.00 61
2018-02-01 $173,250 (11.1%) $284,990 (48.7%) 0.00 60
2018-03-01 $179,950 (15.4%) $290,792 (58.5%) 0.00 51
2018-04-01 $187,000 (20.8%) $286,085 (52.1%) 0.00 58
2018-05-01 $188,550 (14.5%) $272,187 (33.1%) 0.00 59
2018-06-01 $189,900 (16.0%) $283,609 (38.4%) 0.00 58
2018-07-01 $172,500 (6.2%) $257,974 (29.0%) 0.00 62
2018-08-01 $164,025 (2.2%) $241,126 (15.8%) 0.00 72
2018-09-01 $154,825 (1.0%) $237,602 (12.2%) 0.00 64
2018-10-01 $155,725 (-0.5%) $216,512 (-12.9%) 0.00 63
2018-11-01 $159,000 (2.1%) $211,855 (-16.5%) 0.00 65
2018-12-01 $159,000 (2.7%) $210,066 (-17.5%) 0.00 63
2019-01-01 $175,125 (11.3%) $232,271 (-12.4%) 0.00 47
2019-02-01 $173,900 (0.4%) $192,018 (-32.6%) 0.00 42
2019-03-01 $180,757 (0.5%) $201,643 (-30.7%) 0.00 43
2019-04-01 $185,682 (-0.7%) $202,291 (-29.3%) 0.00 42
2019-05-01 $170,925 (-9.4%) $195,686 (-28.1%) 0.00 49
2019-06-01 $161,400 (-15.0%) $192,737 (-32.0%) 0.00 66
2019-07-01 $161,700 (-6.3%) $192,598 (-25.3%) 0.00 71
2019-08-01 $150,227 (-8.4%) $186,876 (-22.5%) 0.00 79
2019-09-01 $143,068 (-7.6%) $177,818 (-25.2%) 0.00 80
2019-10-01 $141,245 (-9.3%) $173,097 (-20.1%) 0.00 81
2019-11-01 $138,500 (-12.9%) $170,060 (-19.7%) 0.00 72
2019-12-01 $135,875 (-14.5%) $160,375 (-23.7%) 0.00 65
2020-01-01 $131,750 (-24.8%) $147,682 (-36.4%) 0.00 61
2020-02-01 $143,700 (-17.4%) $165,108 (-14.0%) 0.00 66
2020-03-01 $147,175 (-18.6%) $167,904 (-16.7%) 0.00 69
2020-04-01 $156,050 (-16.0%) $170,904 (-15.5%) 0.00 68
2020-05-01 $155,000 (-9.3%) $168,076 (-14.1%) 0.00 67
2020-06-01 $138,750 (-14.0%) $167,545 (-13.1%) 0.00 63
2020-07-01 $138,250 (-14.5%) $191,529 (-0.6%) 0.00 62
2020-08-01 $154,900 (3.1%) $192,154 (2.8%) 0.00 56
2020-09-01 $149,950 (4.8%) $183,806 (3.4%) 0.00 53
2020-10-01 $129,250 (-8.5%) $181,325 (4.8%) 0.00 47
2020-11-01 $127,375 (-8.0%) $173,262 (1.9%) 0.00 44
2020-12-01 $124,075 (-8.7%) $256,618 (60.0%) 0.00 36
2021-01-01 $119,900 (-9.0%) $274,177 (85.7%) 0.00 31
2021-02-01 $125,925 (-12.4%) $280,074 (69.6%) 0.00 32
2021-03-01 $165,625 (12.5%) $289,084 (72.2%) 0.00 36
2021-04-01 $192,000 (23.0%) $304,741 (78.3%) 0.00 39
2021-05-01 $187,000 (20.7%) $340,158 (102.4%) 0.00 42
2021-06-01 $223,250 (60.9%) $358,517 (114.0%) 0.00 42
2021-07-01 $199,900 (44.6%) $354,556 (85.1%) 0.00 51
2021-08-01 $199,650 (28.9%) $322,276 (67.7%) 0.00 60
2021-09-01 $208,475 (39.0%) $332,006 (80.6%) 0.00 49
2021-10-01 $165,000 (27.7%) $305,786 (68.6%) 0.00 41
2021-11-01 $167,225 (31.3%) $283,475 (63.6%) 0.00 37
2021-12-01 $157,350 (26.8%) $262,095 (2.1%) 0.00 32
2022-01-01 $138,400 (15.4%) $254,184 (-7.3%) 0.00 26
2022-02-01 $148,125 (17.6%) $259,657 (-7.3%) 0.00 29
2022-03-01 $187,450 (13.2%) $282,707 (-2.2%) 0.00 34
2022-04-01 $214,950 (12.0%) $296,663 (-2.7%) 0.00 43
2022-05-01 $218,750 (17.0%) $308,567 (-9.3%) 0.00 48
2022-06-01 $218,875 (-2.0%) $316,692 (-11.7%) 0.00 54
2022-07-01 $221,250 (10.7%) $326,857 (-7.8%) 0.00 53
2022-08-01 $233,500 (17.0%) $388,300 (20.5%) 0.00 47
2022-09-01 $227,500 (9.1%) $396,818 (19.5%) 0.00 46
2022-10-01 $250,000 (51.5%) $421,021 (37.7%) 0.00 37
2022-11-01 $259,675 (55.3%) $443,019 (56.3%) 0.00 38
2022-12-01 $359,900 (128.7%) $475,817 (81.5%) 0.00 33
2023-01-01 $304,900 (120.3%) $465,379 (83.1%) 0.00 31
2023-02-01 $324,999 (119.4%) $497,290 (91.5%) 0.00 32
2023-03-01 $304,900 (62.7%) $490,748 (73.6%) 0.00 32
2023-04-01 $299,000 (39.1%) $461,022 (55.4%) 0.00 35
2023-05-01 $302,700 (38.4%) $434,734 (40.9%) 0.00 59
2023-06-01 $295,600 (35.1%) $395,317 (24.8%) 0.00 80
2023-07-01 $279,900 (26.5%) $358,222 (9.6%) 0.00 103
2023-08-01 $273,675 (17.2%) $392,234 (1.0%) 0.00 64
2023-09-01 $289,950 (27.5%) $381,828 (-3.8%) 0.00 64
2023-10-01 $295,000 (18.0%) $374,315 (-11.1%) 0.00 50
2023-11-01 $295,000 (13.6%) $351,890 (-20.6%) 0.00 53
2023-12-01 $290,000 (-19.4%) $351,466 (-26.1%) 0.00 49
Mitchell's median listing price for 2023-12-01 was $290,000, a difference of $-69,900 (-19.4%) versus the prior year and $-5,000 versus the prior month.

Mitchell's median listing price comes in at 0% of the national average.

Mitchell's average listing price for 2023-12-01 was $351,466, a difference of $-124,351 (-26.1%) versus the prior year and $-424 versus the prior month.

For the 2023-12-01 period, Mitchell had 49 MLS listings, a difference of -4 listings (-8%) versus the prior month and 16 listings (48%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,663 sqft
2018-02-01 0 days 1,751 sqft
2018-03-01 0 days 1,578 sqft
2018-04-01 0 days 1,665 sqft
2018-05-01 0 days 1,661 sqft
2018-06-01 0 days 1,749 sqft
2018-07-01 0 days 1,661 sqft
2018-08-01 0 days 1,686 sqft
2018-09-01 0 days 1,650 sqft
2018-10-01 0 days 1,630 sqft
2018-11-01 0 days 1,725 sqft
2018-12-01 0 days 1,789 sqft
2019-01-01 0 days 1,858 sqft
2019-02-01 0 days 1,883 sqft
2019-03-01 0 days 1,676 sqft
2019-04-01 0 days 1,643 sqft
2019-05-01 0 days 1,777 sqft
2019-06-01 0 days 1,863 sqft
2019-07-01 0 days 1,788 sqft
2019-08-01 0 days 1,663 sqft
2019-09-01 0 days 1,647 sqft
2019-10-01 0 days 1,631 sqft
2019-11-01 0 days 1,546 sqft
2019-12-01 0 days 1,454 sqft
2020-01-01 0 days 1,383 sqft
2020-02-01 0 days 1,596 sqft
2020-03-01 0 days 1,624 sqft
2020-04-01 0 days 1,651 sqft
2020-05-01 0 days 1,640 sqft
2020-06-01 0 days 1,587 sqft
2020-07-01 0 days 1,553 sqft
2020-08-01 0 days 1,773 sqft
2020-09-01 0 days 1,754 sqft
2020-10-01 0 days 1,720 sqft
2020-11-01 0 days 1,731 sqft
2020-12-01 0 days 1,720 sqft
2021-01-01 0 days 1,830 sqft
2021-02-01 0 days 1,773 sqft
2021-03-01 0 days 1,914 sqft
2021-04-01 0 days 1,981 sqft
2021-05-01 0 days 1,975 sqft
2021-06-01 0 days 1,860 sqft
2021-07-01 0 days 1,758 sqft
2021-08-01 0 days 1,872 sqft
2021-09-01 0 days 1,913 sqft
2021-10-01 0 days 1,821 sqft
2021-11-01 0 days 1,881 sqft
2021-12-01 0 days 1,673 sqft
2022-01-01 0 days 1,502 sqft
2022-02-01 0 days 1,509 sqft
2022-03-01 0 days 1,620 sqft
2022-04-01 0 days 1,750 sqft
2022-05-01 0 days 1,721 sqft
2022-06-01 0 days 1,683 sqft
2022-07-01 0 days 1,716 sqft
2022-08-01 0 days 1,765 sqft
2022-09-01 0 days 1,870 sqft
2022-10-01 0 days 1,890 sqft
2022-11-01 0 days 1,757 sqft
2022-12-01 0 days 1,803 sqft
2023-01-01 0 days 1,826 sqft
2023-02-01 0 days 1,890 sqft
2023-03-01 0 days 1,880 sqft
2023-04-01 0 days 1,901 sqft
2023-05-01 0 days 1,942 sqft
2023-06-01 0 days 1,896 sqft
2023-07-01 0 days 1,887 sqft
2023-08-01 0 days 2,020 sqft
2023-09-01 0 days 2,018 sqft
2023-10-01 0 days 1,978 sqft
2023-11-01 0 days 2,128 sqft
2023-12-01 0 days 2,256 sqft
Mitchell's median listing age (time on market) for 2023-12-01 was 0 days.

Mitchell's median square footage for active listings during the 2023-12-01 period was 2,256 sqft. One year prior, the average listing was 1,803 sqft.

Mitchell, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 309 $62,705,000 $202,929
Cash Out Refi 63 $11,465,000 $181,984
Refi 58 $9,000,000 $155,172
Home Improvement 37 $3,015,000 $81,486
Other 30 $2,360,000 $78,667

Mitchell's most frequently cited loan purpose was Home Purchase, with 309 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 140 $26,410,000 $188,643
4-5% 106 $21,630,000 $204,057
3-4% 85 $17,015,000 $200,176
6-7% 53 $8,725,000 $164,623
2.5-3% 31 $6,205,000 $200,161
7-8% 16 $990,000 $61,875
<2.5% 15 $3,265,000 $217,667
Over 8% 7 $365,000 $52,143

During 2022, Mitchell's most frequently originated rate bucket was 5-6%, with 140 originations.

Loan Sizing (Mitchell, SD MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 208 $31,020,000 $149,135
$200k-400k 133 $35,625,000 $267,857
$100,000 or less 131 $7,345,000 $56,069
$400k-600k 17 $8,395,000 $493,824
$600k-1000k 7 $5,075,000 $725,000
$Over $1MM 1 $1,085,000 $1,085,000

Mitchell's loan sizing saw the bucket of loans from $100k-200k with 208 originations, totaling $31,020,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 208 $43,380,000 $208,558
60-80% 112 $24,030,000 $214,554
40-60% 50 $10,570,000 $211,400
20-40% 45 $4,765,000 $105,889
Under 20% 37 $1,715,000 $46,351

Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 208 originations, totaling $43,380,000 in origination value.